We’ve been talking about July heat for weeks now — and so far, the market hasn’t disappointed.
All-time highs in June, strength into July, and seasonality still working in the bulls’ favor.
But before we go full melt-up mode, I want to hit pause and zoom in…
If you look at a simple 10-day RSI on the major indexes, we’re back in “cool-off territory.” Historically, every time we’ve crossed above that 70 level, we’ve seen a quick pullback or sideways action — not a crash, just a breather.
That’s what I’m expecting now: short-term chop before the next leg higher. Could be a few days, maybe a week — but it’s healthy. The market needs time to reset before pushing further.
And when what happens?
I’m staying focused on the sectors doing the heavy lifting.
For over a year, Bitcoin had been leading the strength tracker. But that just changed. Technology finally reclaimed the top spot, edging out crypto on the six-month average strength.
That’s a big shift — and one I’ve been waiting for.
Why does it matter? Because strong markets are typically led by strong sectors. And when Tech leads, the S&P 500 tends to follow.
We’re also seeing solid support from Industrials (XLI), Financials (XLF) and Communication Services (XLC) — all seasonally strong areas in July.
So yes, a little cool-off is likely here. But the setup underneath still looks great.
I’m staying long — just sizing smart and letting the sectors with real momentum guide the way.
And we’ll keep covering the strongest ones every morning on Opening Playbook.
Apple (AAPL) In Bullish Mode
Apple (AAPL) has been quietly building strength since April — even though it’s still in the red for the year. But look closer and the story’s changing…
After months of lagging the Magnificent 7, AAPL has started to carve out a base, reclaim key moving averages, and fire fresh buy signals across multiple systems — including our Apex Indicator. The momentum is real, and it’s picking up speed just as seasonality turns favorable.
And now we also see green on our Newton Indicator. AAPL could be ready for a comeback.
GoDaddy Inc. (GDDY) Looking Bearish
GoDaddy (GDDY), meanwhile, has been quietly slipping since hitting a high back on May 1 — and the pullback isn’t just about price action. It’s about momentum.
After a strong start to the year and a big run-up through Q1, GDDY stalled right at a major resistance level… and hasn’t found its footing since. The stock has been making lower highs, volume has faded, and it’s now trading below its key moving averages — a bearish shift for a name that had been a solid relative strength play.
At the same time, our Newton indicator has turned red after sliding into yellow temporarily. This move back to red could mean a fall for GDDY.
Graham Lindman
Graham Lindman Trading
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